2003 CAFA Annual General Meeting

September 30, 2003

Membership Report

In the 2002/2003 year CAFA saw a slight increase in membership numbers with a total of 102. Of the 102 members, 78 are general members, 20 are founding members, and 4 are corporate members.

This year we introduced Pay Pal as a way to pay for CAFA membership and it has been well received. I believe that this will start to give us a slight increase in new members as it makes it easy for people to instantly sign up and pay for their membership.

Financial Report

This year we have found a local volunteer accountant, Sandy Aird, to help insure that all of CAFA's finances are in order and can be presented to the members in a timely fashion at the annual meeting. I am happy to say that he said that our books were in great shape and easy to review. Below you will see a copy of the Statement of Revenue and Expenses for the year ending June 30, 2003.

As I mentioned in the Membership Report, CAFA began using Pay Pal in April of 2003. This has helped competition organizers receive payment from athletes in advance of the start of a competition as well as, I believe, made it easier and more affordable for people to compete and become CAFA members. The one down side to using an online payment options that we must lose 3% of each transaction to Pay Pal fees. In the end I believe that Pay Pal's benefits outweigh its downfalls.

Canadian Association of Freediving and Apnea
Statement of Revenue and Expenses
             
For the year ended June 30, 2003
             
  Canadian Dollars          
    Note   30 June 2003   30 June 2002
Income          
             
  Sponsorship 3   -   5,536
  Membership fees     2,849   3,587
  Team Fees     2,324   -
  Competition fees     3,165   900
  Clothing sales (net)     -   26
  Bank Interest received     3   3
  Fundraising (net)     215   -
  Judge-in-learning Fees     250   -
        8,805   10,052
             
Expenses          
  Fundraising Expenses   523   -  
  Team Canada expenses 4 1,927   4,020  
  Pool Training   212   -  
  Competition expenses   1,354   3,412  
  Internet   383   273  
  AIDA fees   -   167  
  Office expenses   27   165  
  Government fees   60   30  
  Advertising   95   10  
  Insurance   1,800   -  
        (6,382)   (8,077)
             
             
Net excess of revenue over expenditure     2,424   1,975
             
Member's equity - beginning of period     3,982   2,007
             
Member's equity June 30, 2003     6,405   3,982

Notes to the Financial Statements

1. INCORPORATION

The Canadian Association of Freediving and Apnea (CAFA) was incorporated on 30 June 2000 as a non-profit national organization under Part II of the Canada Corporations Act. The stated aim of CAFA is to further the development, safety and promotion of the sport of freediving both within Canada and abroad.

2. ACCOUNTING PRINCIPLES

These financial statements have been prepared by the executive using the cash method of accounting.

3. SPONSORSHIP

Sponsorship represents cash contributions from sponsors towards expenses incurred in competing in the AIDA competitions in France (October 2000), Spain (2001) and Hawaii (2002). It does not include sponsorships of equipment to the Team or sponsorships that team members may have received individually. These funds were used to pay expenses incurred by Team Canada, or distributed directly to the Team members to offset expenses of travelling to these competitions.

4. TEAM CANADA EXPENSES

This year's expenses relate to expenses inncurred by Team Canada primarily for the Pacific Cup competition in Kona, Hawaii in October 2002. Last year's expenses relate to expenses incurred by Team Canada primarily for the AIDA World Cup competition in France in October 2000. It also includes $400 for expenses relating to the AIDA World Championships in Spain in October 2001

Mandy-Rae Cruickshank
Treasurer

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